Cumulus Media Inc has announced its operating results for the three months of the 2018. For the quarter, the company reported net revenue of $263.7 million, down 0.1 percent from Q1 of 2017, a net loss of $5 million and Adjusted EBITDA of $40.3 million, which was up four percent from the first quarter of 2017.
The Cumulus radio station group saw a 3.1 percent dip in Q1 revenue to $168.2 million but Westwood One‘s revenue in the quarter grew by 5.5 percent to $94.79 million.
Mary Berner, President/CEO of Cumulus Media said, “Despite ongoing market challenges, our first quarter results demonstrate continued operational traction and financial progress against our key priorities, with the Radio Station Group turning in its seventh straight quarter of revenue share growth and Westwood One delivering its fifth straight quarter of revenue share growth.”
She continued, “With the recent confirmation of our Plan, we are now able to complete the balance sheet restructuring which is a critical element of our turnaround plan. After we emerge from Chapter 11, we look forward to moving ahead with a firmer financial foundation in place and greater ability to execute on our many initiatives to further strengthen and build this business.”